Key Takeaways
- The PIA Holding Company retains 36 properties, including overseas assets.
- Properties include the Roosevelt Hotel in New York and Scribe Hotel in Paris.
- Government expects Rs. 45 billion from selling remaining stake in PIA.
The Privatization Commission has revealed that Pakistan International Airlines (PIA) Holding Company retains 36 properties, including major overseas assets such as the Roosevelt Hotel in New York and the Scribe Hotel in Paris. These assets are part of a broader effort to clear outstanding liabilities.
According to documents reviewed by ProPakistani, seven of these properties were transferred through a gazette notification, including an open plot in Islamabad and sports complexes in Karachi. The remaining 25 percent stake in PIA is expected to be sold during the current fiscal year, potentially generating Rs. 45 billion for the government.
The portfolio also includes sales offices, warehouses, a farmhouse, hundreds of acres of land, and a housing colony spread across Pakistan, the United States, and France. These assets are seen as potential sources of revenue to help settle PIA Holding Company’s debts.
While the sale of these properties is not confirmed, the government has expressed its intention to use them to clear outstanding liabilities. The Privatization Commission stated that the remaining properties could be sold to generate funds for debt repayment.
The Roosevelt Hotel in New York and the Scribe Hotel in Paris are among the major overseas assets that may be considered for sale. These hotels, along with other properties, form part of a strategic plan to address financial challenges faced by PIA Holding Company.
Government officials have emphasized the importance of these sales in ensuring the financial stability of PIA Holding Company and its ability to meet its obligations. The transaction is expected to provide significant financial relief and support ongoing privatization efforts.
The sale of the remaining 25 percent stake in PIA, along with the potential disposal of overseas assets, forms part of a broader strategy to improve the financial health of Pakistan’s national airline.
